Global Markets

These Two Spanish Banks Will Announce Q4 Earnings This Week

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These two Spanish banks will report their fourth-quarter earnings for 2022 in the first week of February.

Spanish banks Banco Bilbao Vizcaya Argentaria (ES:BBVA) and CaixaBank (ES:CABK) will announce their Q4 2022 earnings over the next few days. All thanks to the rising interest rates in the economy, analysts are expecting better profits from these banks. Similarly, on the lines of the previous quarters, these banks will report higher net interest income, driven by their variable loan portfolio.

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The TipRanks Earnings Calendar tool available for various markets is a perfect guide for investors in this earnings season. This tool is highly popular for its timely and systematic information on the upcoming dates of results.

Let’s have a look at them in detail.

CaixaBank, SA

CaixaBank is one of the leading banks in Spain, providing retail, business, and international banking services. The banks serve more than 20 million customers.

Riding on higher interest rates, CaixaBank’s stock has gained around 47% in the last year. For the first nine months of 2022, the bank’s net interest income (NII) increased by 10% to €4.8 billion. The bank expects an additional €2 billion of interest income over the next 3 years. Analysts also expect increased pressure on economic activities, which could result in higher loan loss provisions in the banks.

The bank will report its fourth-quarter earnings on February 3. The analysts have forecasted an EPS of €0.08 per share for Q4, which is significantly improved over an EPS of €0.05 in the same quarter of 2021.

In terms of share price growth, analysts have mixed opinions. Analyst Ignacia Cerezo from UBS has reiterated the Buy rating on the stock and sees an upside of almost 12%. Credit Suisse, on the other hand, has downgraded the rating from Buy to Hold. Analyst Pamela Zuluaga also reduced the target price from €4.2 to €4.1, as she remained cautious of the bank’s further potential.

Is CaixaBank a Buy?

According to TipRanks’ consensus, CaixaBank has a Moderate Buy rating, based on four Buy and five Hold recommendations.

The CABK average target price is €4.05, which is almost the same as the current price level.

Banco Bilbao Vizcaya Argentaria, SA (BBVA)

BBVA is among the world’s leading financial companies and serves around 80 million customers. As compared to its peers, BBVA has more exposure outside Spain, which helps it build a diversified business.

BBVA will report its final quarter earnings for 2022 on February 1. Analysts see BBVA as the biggest beneficiary of higher interest rates and expect an annual NII of €19.04 billion. For the first nine months of 2022, BBVA has already posted an NII of €13.81 billion, which was up by 32.6% on a year-over-year basis. For Q4 2022, the consensus EPS forecast is €0.24, as compared to an EPS of €0.19 in the same quarter of 2021.

The bank has managed its operating expenses in such a way that they are below the current inflation rate. The bank’s efficiency ratio, which determines profitability, is 42.9%, which is the highest among the competition. The banks expect the next quarters to follow this positive trend.

The bank also witnessed record new customer growth of 8.6 million in 2022. Analysts expect a higher engagement level from these customers in the coming quarters.

Is BBVA a Good Stock to Buy?

Overall, the stock has a Moderate Buy rating on TipRanks, with five Buy and six Hold recommendations.

Recently, Marta Sanchez Romero from Citigroup reiterated her Buy rating on the stock and also raised the target price from €7.8 to €8.25. This is the highest target price of the stock, which has an upside of almost 28%.

Kepler Capital and Societe Generale have target prices lower than the current trading price.

The BBVA average target price is €6.96, which shows a change of 8%.


Even though analysts are optimistic about the next quarter’s results for these banks, they don’t see a huge upside in the share prices. They believe the stocks have already witnessed huge growth in the last year and are trading at a fair price.


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